Lyondell Eyes Swift Ch. 11 Exit After Creditor Deal

Law360, New York (February 16, 2010, 3:26 PM EST) -- LyondellBasell Industries AF SCA has reached a deal with its unsecured creditors that resolves their objections to a settlement between the debtor and the lenders that financed the 2007 acquisition of Lyondell Chemical Co. by Basell Polyolefins, clearing the way for LyondellBasell to leave Chapter 11.

The agreement increases the proposed distribution under LyondellBasell's Chapter 11 reorganization plan for general unsecured claimants and holders of two sets of bonds from $300 million to $450 million, the Dutch chemical company announced Tuesday.